Infusion Of 1500 Crore Rupees In IREDA Approved

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20 January 2022 Current Affairs:The Union Cabinet has approved a 1500 crore rupee investment in Indian Renewable Energy Development Agency Limited.

Highlights:

  • It will help create 10,200 jobs per year and reduce carbon emissions by 7.49 million tonnes. 
  • The IREDA played a significant role in renewable energy, with its portfolio increasing from 8,800 crores to 28,000 crores in the last six years.
  • The additional equity infusion will allow the mini-Ratna corporation under the new and renewable energy ministry to lend approximately 12,000 crores to the renewable energy sector, easing the sector’s debt requirement of roughly 3,500-4,000 megawatt (MW), the CCEA said after its session on January 19. 
  • The equity infusion will also increase the specialized non-banking finance agency’s net worth, which will aid it in obtaining additional financing and thus contribute more to the Government’s goals.
  •  IREDA is a Non-Banking Financial Institution that promotes, develops, and extends financial assistance to establish projects involving new and renewable energy sources.
  • IREDA was founded in 1987 with its headquarters in Delhi
  • The current chairperson of IREDA is Pradip Kumar Das

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